Purpose

Best Ways to Send Money to Switzerland

Information verified correct on December 9th, 2016

Do your bank balance a favour and find the most affordable and convenient way to send an international money transfer to Switzerland.

There are close to one million Americans with Swiss ancestry in the USA today, with the largest populations found in the states of California and Ohio. Switzerland is also a popular destination for American tourists looking to go skiing, take a Sound of Music tour or enjoy one of the many travel experiences on offer.

What this means is that there are plenty of reasons why you might need to send money to Switzerland from the USA, such as helping out a cash-strapped, vacationing friend or sending funds to support your family.

Whatever the reason you need to send money internationally, it’s important that you compare transfer providers to find one that offers the most affordable service.

Banks versus money transfer services

You might think the best place to go to send money to Switzerland would be your bank — after all, Swiss banks are famous the world over — but bank-to-bank transfers are actually not a great option at all. Banks offer poor exchange rates and high transfer fees when they send money overseas, which can have a detrimental effect on your bank balance and that of your recipient.

Money transfer companies, on the other hand, specialise in handling international funds transfers and can therefore offer much better exchange rates than banks. They also charge lower fees and can guarantee secure and reliable transactions, giving you peace of mind and a better financial deal.

Case Study: Roger Sends Money to Switzerland

Roger is a professional sportsman based in the United States. He wants to send a Christmas gift of $2,000 to his parents back home in Bern, Switzerland, but he knows that sending the money through his bank will be unnecessarily expensive. He decides to calculate the costs involved in sending the same amount of money through two well-known money transfer companies.

Money transfer company 1

Money transfer company 2

Exchange rate

1 USD = 0.97 CHF

1 USD = 0.96 CHF

Transfer fee

$4

$7

Transfer method

Bank account deposit

Bank account deposit

Processing time

1-3 business days

3 business days

Amount received (in CHF)

1,940 CHF

1,920 CHF

As you can see, the first company charges a lower transfer fee and also allows Roger to send an extra 20 CHF.

How to compare transfer companies when transferring money to Switzerland

Exchange rates. A good exchange rate is critical to ensuring an affordable transaction, so shop around for a company that regularly offers great rates.

Fees. Remember that high exchange rates often come with high fees attached, but also keep an eye out for companies that will waive their transfer fees when you send a large amount.

Transfer methods. Check to see if you can lodge transfers online, over the phone or in branch. Some companies also offer mobile apps to allow for more convenient transfers.

Emergency cash transfers in Switzerland

It’s easy to send an emergency cash transfer to Switzerland with a number of providers, but just be aware of the fact that you will have to pay more to ensure a fast transaction. Higher fees apply to these transfers, as do lower exchange rates in some cases, so it pays to be aware of what you’re getting yourself into. Check the transfer fees and exchange rates closely before you agree to hand over any money.

These three companies allow you to transfer cash which your beneficiary can then pick up from a transfer agent in Switzerland. The details of some popular Swiss cash pickup locations are below, but phoning ahead to check opening hours is recommended. Taking along photo ID and a transaction ID number when picking up cash are also musts.

How to send money to Switzerland

If you want to send a money transfer you will need to be willing to provide a range of relevant details to your chosen transfer company. The first step is to supply your name, address and contact information, while photo ID may also be required.

Next, supply your recipient’s name and contact details before providing full details of your planned transaction. The amount you’re sending, the currency you’re sending, and where you’re transferring the funds to will all need to be supplied.

Finally, make sure you keep a hold of any receipt you are given so that you can check up on the progress of your transfer whenever you wish.

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